Update: The deal is now live.  Head over to Best Buy to save $50 on any iPhone with a 2 year contract.

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Beginning this Sunday, Best Buy will be extending a $50 discount on every current iPhone offering when purchased with a 2 year contract, reports AllThingsD.  This promotion is said to make a 4 week run and will drop the price of an iPhone 5 down to just $150.

Historically speaking, iPhones do not typically see many discounts until they near the end of their life cycle when retailers try to clear old stock.  But the iPhone 5 has been on sale a couple times already, as low as $127 from a Walmart in-store promotion.  It’s believed that increased competition from low-cost smartphones and retailers attempting to drive traffic into stores are catalysts for these promotions.

The 9to5Toys team is expecting more heavy discounts on Apple products all weekend to celebrate Memorial Day, be sure to stop by and see what’s happening.

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